The company intends to use the proceeds from the deal to support its go-to-market strategy and other general corporate purposes, in addition to further boosting its pipeline of prescription digital therapeutics for a range of chronic and acute cognitive disorders
Digital medicine company Akili Interactive has agreed to combine with special purpose acquisition company (SPAC) Social Capital Suvretta Holdings (SCS) in a deal worth up to $1bn, to go public.
Under the deal, Akili Interactive is expected to receive up to $412m in gross cash proceeds, including $250m of cash in SCS’s trust account and $162m from PIPE investors at $10 per share.
Akili mainly focuses on offering digital diagnostics, treatments and monitors for cognitive impairments across disease and disorders.
Selective Stimulus Management Engine (SSME) is the company’s core therapeutic engine that will help target and activate neural system engaged in attentional control.
The platform is said to have the potential for use in a range of indications within psychiatry and neurology.
Akili offers EndeavorRx, which is claimed to be the first FDA-cleared prescription video game developed to enhance attention function in children aged between 8 years and 12 years with primarily inattentive or combined-type attention deficit hyperactivity disorder (ADHD).
EndeavorRx, which is validated through multiple clinical trials, is expected to be available in the second half of this year.
Akili CEO Eddie Martucci said: “This transaction represents the next step in our journey to become the world’s leading digital medicine company directly targeting neurological function.
“Over the past 10 years, we have created a platform representing a new era of cognitive medicine, driven by our fundamental focus on patients, advanced science and proprietary technology, and the mission-driven hard work of our entire team.”
Akili intends to use the proceeds from the deal to support its go-to-market strategy and other general corporate purposes, in addition to further boosting its pipeline of prescription digital therapeutics for a range of chronic and acute cognitive disorders.
Subject to approval by SCS’s and Akili’s shareholders, regulatory approvals, and other customary closing conditions, the proposed business combination is expected to be completed in the middle of this year.